State Street Corporation says it will now offer Shariah-compliant global custody and fund administration services.
The offering follows the attainment of a Shariah-compliant certificate from Amanie Advisors, a Shariah advisory firm.
Commenting on the news, Stefan Gmuer, head of APAC at State Street, says: “We are proud to be presented with this certification, which further reinforces our ability to manage investors’ assets in line with the top standards for Islamic finance.
“This comes at a time where we are seeing growing interest in services for Islamic assets that adhere to Shariah principles, especially in Malaysia and Brunei.”
Gmuer indicates that the global Islamic finance industry has experienced strong growth over the past few years, including in the Middle East, US and UK markets, and is expected to maintain its upward trajectory, driven by anticipated lower interest rates and a strong appetite for investments in emerging markets.
Suhaida Mahpot, CEO of Amanie Advisors, comments: "On behalf of the Amanie Shariah Supervisory Board, we are pleased to endorse State Street’s services for the Islamic community, which empowers them with opportunities that reflect their values and beliefs.
“As the Islamic financial market continues to grow, we look forward to fostering continued collaboration in advancing Shariah-compliant financial solutions.”
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